Gina Chirico Essex County Real Estate Market Reports
Essex County Real Estate Market Report Common Terms
I understand that sometimes reading market reports can be tedious and confusing which is why Gina Chirico Essex County Real Estate Market Reports are in an easy to read format such as a pie chart or graph with an explanation of the data.
Essex County Real Estate Market Report Common Terms:
Absorption Ratio: The supply and demand or percentage of homes absorbed/sold within the current inventory of unsold homes.
Average Price: This is the price derived by adding the total dollar volume together and then dividing that total by the number of properties sold. It is not the same as median price.
Current Inventory: The supply, or the # of homes for sale that remain unsold in a given month.
DOM: Days on Market.
FSBO: For Sale By Owner.
GSMLS#: Garden State Multiple Listing Service number.
List Price: List Price refers to the listing price at the time it went under contract.
Listings: Active listings available on the market during the dates listed. All of my market reports use GSMLS information and no FSBO or Multi-Family (unless otherwise noted). Information is deemed reliable but not guaranteed.
Median Price: This is the price derived as being the "middle" price. Half of the prices are lower, half of the prices are higher. Median is not the same as average. It represents the middle of a range.
MLS#: Multiple Listing Service number.
Month's Supply: It is how long it would take to absorb all the inventory in a particular market if sales rate is stable and no new listings come on the market.
Pending Inventory: The demand or the # of homes under contract in a given month whereby a seller/buyer agree on price and terms.
Sales Price: What the property sold for. The property is funded, recorded & CLOSED.
Sold: Amount of sold listings during date listed. This means the property is funded, recorded and CLOSED.
Under Contract Continue to Show: Pending Sale with or without Contingencies where they seller and buyer have agreed that the property will still be shown.
Under Contract: Pending Sale with or without Contingencies.
Essex County Real Estate Market Reports
There are a several reasons why Gina Chirico Essex County Real Estate Market Reports are helpful. Essex County Real Estate Market Reports for sellers, provide important information such as # of active listings (i.e., competition), absorption ratio (% of total inventory that went under contract) and month's supply (determine if its a seller's market or a buyer's market).
Essex County Real Estate Market Reports for sellers for buyers, indicate if its a buyer's market or seller's market, how much inventory is available (i.e., more inventory = ample selection of houses available).
As a spin-off to my Gina Chirico West Essex at a Glance Essex County Real Estate Monthly Market Reports, I've created What Did That House Sell For which has become even more popular amongst homeowners, neighbors and even buyers. When a home sells in a town, community, neighborhood or school district everyone ponders the same question: What did that house sell for? When I refer to "everyone" -- I mean EVERYONE! It doesn't matter if you're buying, if you're selling, if you're a neighbor up the street, the mailman, the business owner in the center of town -- it doesn't matter!! EVERYONE wants to know WHAT DID THAT HOUSE SELL FOR?
Knock! Knock! YOU GOT NEIGHBORS!
What SOLD in the West Essex School District of Essex Fells, Fairfield, North Caldwell and Roseland from January 1, 2012 - January 15, 2012:
|
MLS #
|
Town
|
Address
|
List
|
Sales Price
|
DOM
|
|
2873099
|
N. Caldwell
|
28 White Oak Dr
|
$799,000
|
$705,000
|
141
|
|
2858298
|
N. Caldwell
|
16 Hamilton Dr W
|
$1,500,000
|
$1,400,000
|
120
|
|
2890089
|
N. Caldwell
|
13 Grandview
|
$1,550,000
|
$1,440,000
|
85
|
|
2829874
|
Roseland
|
34 Old Eagle Rock Ave
|
$400,000
|
$400,000
|
258
|
| 2893809 | Roseland | 59 Harrison Ave | $448,900 | $441,000 | 31 |
(Sales Price - What the property sold for. The property is funded, recorded & CLOSED. DOM - Days on Market) ~ Info obtained from GSMLS. Deemed Reliable, Not Guaranteed
West Essex at a Glance ~ Real Estate Market Report for the West Essex School District of Essex Fells, Fairfield, North Caldwell and Roseland
Essex County Real Estate Market Report for the West Essex Regional School District for December 2011:
-
Active Listings: 155
-
Pending Properties: 12
-
8% of the homes for sale in the West Essex Regional School District went under contract in December
-
Months Supply on the Market: 13
Breakdown of Foreclosed and Short Sales for Sale in the West Essex School District for December, 2011
* Approximately 10% of the total active inventory of homes for sale in The West Essex School District are short sales.
* LESS than 1% of the total pending homes for sale in the West Essex School District are short sales.
* 1% of the homes for sale in The West Essex School District are bank owned (REO properties).
